King Hassan II receives South Korean foreign minister

King Hassan II received on Wednesday evening in Rabat South Korean minister of foreign affairs and trade, Hong Soon-Young, who is currently on an official visit to Morocco.

The Korean official had earlier conferred with Prime minister, Abderrahmane Youssoufi, and with minister of foreign affairs and cooperation, Abdellatif Filali.

Hong Soon-Young also signed with minister of economy and finance Fathallah Oualalou two agreements on the promotion and protection of investments and on non-double taxation.

The agreements will set the legal framework for the consolidation of business and partnership between Moroccan and South Korean entrepreneurs and will contribute to enhancing trade exchanges, and putting more Korean investments in the North African country.

South Korea is one of the main foreign investors in Morocco. Its giant Daewoo Group is planning to invest up to $ 900 million, including $ 200 million in a car assembling plant and another $ 200 million in electronic component manufacture.

Daewoo also owns in Rabat a five-star Hotel which it bought in 1997.

Morocco imports from Korea cars, radios, TV sets and various electronic and industrial equipment, while Moroccan exports consist mainly of phosphates, fish, leather, mining products and semi-processed consumption goods.

The trade balance shows a deficit to the detriment of Morocco.